LML Payments Systems 3Q Revenues Decline 5%, Loss Widens

LML Payments Systems reported third quarter revenue of $1.8 million, a 5% decrease over the year-ago period. There was a net loss from continuing operations of approximately $1.1 million for the third quarter, compared to a net loss of approximately $752,000 for 3Q/02. Revenue from the electronic check verification business was approximately $283,000 for the quarter, a 16% increase. Revenue from the primary check collection business was approximately $840,000, a decrease of 23.6%. Revenue from the secondary check collection business was approximately $492,000, an increase of about 18.6%. LML Payment Systems is a financial payment processor providing check processing solutions including electronic check authorization, electronic check conversion and primary and secondary check collection including electronic check re-presentment to national, regional and local retailers.

Details

VISA/MC Extend Off-Line Debit Interchange into 2004

VISA announced Friday that it will not change its off-line debit card interchange fees on January 1st as previously expected. As a result of the “Retailers’ Settlement,” VISA agreed to a temporary reduction in VISA off-line debit interchange through the end of 2003. VISA says it has since been in discussions with acquirers and their merchants, deciding to maintain the temporary rate. MasterCard also confirmed it will maintain the lower debit card fees after January first. Both VISA and MasterCard cut off-line debit card interchange by 33% to 35% on August 1st in response to the “Retailers’ Settlement.”

Details

Encore Helps Banks Migrate ATMs from Legacy to IP

VA-based Encore Networks will introduce this week its “IBR-10 IP+Legacy Converter,” a low-cost solution that enables banks and 3rd party EFT processors to migrate their remote terminals, ATMs, and cluster controllers to IP networks. The Encore Networks IBR-10 IP+Legacy Converter is designed to meet the requirements of seamless evolution from legacy applications to broadband IP infrastructure. With its flexible architecture, the IBR-10 product is the ideal low-cost platform that provides banks, financial institutions and 3rd party EFT processors with the ability to migrate their remote terminals, ATM cash machines, and cluster controllers to IP networks. The advantages are tremendous: higher speeds, lower network costs, virtually error free transmissions, faster response time and remote management capability.

Details

MasterCard Seeks Patent for New Debit Card Hologram

MasterCard has filed to patent the new “Debit MasterCard Hologram,” which it is producing through American Bank Note Holographics. The patent application relates to the use of holograms to visually identify a type of payment device. The design includes the word “Debit” in approximately 14 point italic type, contrasted against a hologram background including two interlocking three-dimensional spheres. The design does not affect Maestro, MasterCard International’s PIN-based debit brand, or debit MasterCard BusinessCard programs. MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs.

Details

New ATM Check Deposit Solution Unveiled

Memphis-based Software Earnings and CA-based Infonox have teamed to produce a solution that facilitates check cashing and depositing at the ATM while eliminating empty envelope fraud, reducing deposit sweeps and lowering servicing costs. The resulting deposit automation and imaging solution enhances cash and check deposit processing at ATMs, heightens customer convenience, and dramatically lowers the traditional operating costs associated with ATM deposit processing. Infonox provides infrastructure software for businesses to deploy, aggregate and manage transaction services. Software Earnings, Inc., founded in 1988, provides image-based and conventional check processing solutions to the financial industry.

Details

Software for Credit Counseling Firms Introduced

San Diego-based Integrant has released its “DebtLogic” software that is designed to reduce both the operating cost and processing complications associated with credit counseling and also assists in improving agency performance, thereby increasing fair share percentages. The beta version of DebtLogic was developed with and now installed at Springboard in Riverside, California. Springboard is a non-profit agency formed in 1974 by business leaders and credit grantors. DebtLogic automates all processing associated with credit counseling, including call scripting, appointment scheduling, counseling, activity tracking, DMP setup and management as well as proposal and creditor management. Integrant, Inc. is a business technology consulting and software engineering firm, established in Southern California since 1992.

Details

Metris Delays 3Q/03 10Q After Securitization Problem

Metris Companies announced this morning it will delay the filing of its 10-Q for the third quarter after its outside auditors, KPMG, issued a letter to the Audit Committee noting a material weakness involving internal control relating to the Company’s policies and procedures for valuing its retained interests in loans securitized by the Company. The Company will complete its analysis for this and prior periods and file its report for the quarter ended September 30, 2003, as soon as possible. Results for the quarter ended September 30, 2003, were previously reported on October 23, 2003. Metris Companies Inc., based in Minnetonka, Minn., is one of the largest bankcard issuers in the United States.

Details

JCB SMART CARDS

Tokyo-based JCB has selected Gemplus International to supply multi-application smart cards equipped with JCB’s “J/Smart” EMV application. Gemplus is to design a special microprocessor native “Dynamic Data Authentication/ Combined DDA” card. This solution is equipped with multiple applications developed by Gemplus which will enable JCB to offer EMV compliant applications with “DDA/CDA” functions and loyalty applications. Toppan Printing, a strategic alliance partner of Gemplus in Japan, will take the order from JCB. Gemplus will supply the microprocessor modules to Toppan and Toppan will provide the personalization services associated with the issuance of the card. The new “EMV 2000” compliant cards, equipped with “J/Smart,” are expected to reach the market next year.

Details

DRFS Adds New Benefits to its STV Cards

Los Angeles-based Direct Response Financial Services has added customized Web support services, legal estate planning benefits, accountant-assisted tax services, and a credit repair program to its “Business Advantage Card Program” and its “Personal Advantage Card Program.” Direct Response Financial Services, Inc. (OTCBB: DRFL; Berlin: DFS) makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card, electronic check at the point-of-sale, or over the Internet.

Details